Looking Forward To ‘Tangible Outcomes’ For Bilateral Ties: Minister Piyush Goyal After UK Visit

 

London : Commerce and Industry Minister Piyush Goyal has concluded a two-day visit to the UK at a joint business reception at Lancaster House in London, after which he said he was looking forward to “tangible outcomes” for the bilateral partnership. Goyal was joined at the event by UK Foreign Secretary David Lammy and Business and Trade Secretary Jonathan Reynolds besides senior business leaders from both nations. It followed intensive closed-door meetings with Reynolds and UK Chancellor Rachel Reeves at Downing Street, where the ongoing Free Trade Agreement (FTA) negotiations were high on the agenda.

 

“Addressed the gathering along with UK Secretary of State for Business and Trade Jonathan Reynolds and spoke about the bright future ahead for the India-UK partnership,” Goyal stated after the joint business reception on Tuesday. “Immensely grateful for the warm and gracious hospitality extended by our UK partners. Looking forward to tangible outcomes of our shared vision,” he said. Any reference to the FTA was conspicuously absent, amid frenetic UK media reports claiming a deal was imminent with most of the remaining sticking points agreed between both sides.

 

"Had a fruitful exchange on advancing India-UK economic ties and further building on our strong partnership,” Goyal said, following a meeting earlier on Tuesday with Reynolds and Reeves at 10 Downing Street. It came after he addressed an India-UK Business Roundtable bringing together prominent business leaders and CEOs from both countries. The roundtable heard from the minister about the wide-ranging investment opportunities across sectors in India and the potential for innovation-led growth with greater two-way partnerships. “Highlighted opportunities to strengthen economic ties, drive innovation-led growth, and expand investment avenues between India and the UK,” Goyal stated after the roundtable. The UK-India Business Council (UKIBC), whose CEO Richard Heald moderated the discussions, stated on X that the minister’s message was clear: “India is open for business. Let’s co-create the next chapter in India-UK economic relations.”

 

It followed Goyal’s interactions on Monday with a range of senior business leaders to explore the potential for greater collaborations with the UK. After a “productive meeting” with Reynolds to “advance the Free Trade Agreement negotiations”, Goyal held talks with Revolut Chair Martin Gilbert with a fintech focus and De Beers Group CEO Al Cook with a focus on “global trends in the gems and jewellery sector”. “Exchanged views on the immense opportunities in India’s fintech ecosystem and the importance of partnerships with global players to drive innovation and growth,” Goyal posted on social media after he met with Gilbert.

 

“We discussed India’s opportunities, sustainable practices, and growth prospects for the diamond industry,” the minister said with reference to his meeting with Cook. These one-on-one discussions were followed by an interaction with a CEOs delegation travelling from India, including Federation of Indian Chambers of Commerce and Industry (FICCI) Senior Vice-Chairman Anant Goenka and past presidents Harsh Pati Singhania and Rajan Bharti Mittal. “Interacted with members of the Indian business delegation over dinner. Discussed the robust growth of our industry and avenues for greater collaboration with the UK for mutual prosperity,” said Goyal.

 

All eyes are on the FTA negotiations, which were relaunched in February following a pause for general elections last year. They are aimed at clinching a deal that is expected to significantly enhance the estimated GBP 41 billion a year India-UK trade partnership. “The government is committed to doing the right deal with India, which will improve access for UK businesses, cut tariffs and make trade cheaper and easier,” British Prime Minister Keir Starmer’s spokesperson said, in response to a question about the timeline of the FTA being signed off. From the UK, Goyal is scheduled for trade and investment discussions in Norway and then Brussels.